139/2008 - 8 October 2008
Second estimates for the second quarter of 2008
Euro area GDP down by 0.2% and EU27 GDP stable
+1.4% and +1.7% respectively compared with the second quarter of 2007
Euro area1 (EA15) GDP declined by 0.2% and EU271 GDP was unchanged in the second quarter of 2008 compared with the previous quarter, according to second estimates from Eurostat, the Statistical Office of the European Communities. In the first quarter of 2008, growth rates were +0.7% in the euro area and +0.6% in the EU27.
In comparison with the same quarter of the previous year, seasonally adjusted GDP grew in the second quarter of 2008 by 1.4% in the euro area and by 1.7% in the EU27, after +2.1% and +2.3% respectively in the previous quarter.
In the second quarter of 2008 and among the Member States for which seasonally adjusted GDP data are available, Slovakia (+1.9%) recorded the highest growth rate compared with the previous quarter, followed by Poland (+1.5%) and Lithuania (+1.0%).
Growth in components of GDP
In the second quarter of 2008, household2 final consumption expenditure decreased by 0.2% in the euro area and by 0.1% in the EU27 (-0.1% and +0.1% respectively in the previous quarter). Investment decreased by 1.0% in both the euro area and the EU27 (after +1.4% and +0.8%). Exports decreased by 0.2% in the euro area and by 0.3% in the EU27 (after +1.8% in both zones). Imports decreased by 0.5% in both the euro area and the EU27 (after +1.8% and +1.7%).
US GDP up by 0.7%, Japanese GDP down by 0.7%
Among the main partners of the EU, GDP grew by 0.7% in the US in the second quarter of 2008 (+0.2% in the previous quarter). In Japan GDP decreased by 0.7% in the second quarter of 2008 (+0.7% in the previous quarter).
Compared with the second quarter of 2007, GDP rose by 2.1% in the US (+2.5% in the previous quarter) and by 0.8% in Japan (+1.2% in the previous quarter).
Growth rates of GDP in volume(based on seasonally adjusted data)
Percentage change compared to the previous quarter / Percentage change compared to the same quarter of the previous year
2007 / 2008 / Previously released value* / 2007 / 2008 / Previously released value*
Q3 / Q4 / Q1 / Q2 / 2008 Q2 / Q3 / Q4 / Q1 / Q2 / 2008 Q2
EA15 / 0.6 / 0.4 / 0.7 / -0.2 / (-0.2) / 2.6 / 2.1 / 2.1 / 1.4 / (1.4)
EU27 / 0.7 / 0.4 / 0.6 / 0.0 / (-0.1) / 2.9 / 2.5 / 2.3 / 1.7 / (1.6)
EU Member States
Belgium / 0.7 / 0.5 / 0.5 / 0.2 / (0.3) / 2.8 / 2.4 / 2.2 / 1.9 / (2.0)
Bulgaria** / : / : / : / : / : / 4.9 / 6.9 / 7.0 / 7.1 / :
Czech Republic / 1.4 / 1.3 / 0.9 / 0.9 / (0.9) / 6.5 / 6.3 / 5.4 / 4.6 / (4.5)
Denmark / 1.4 / -0.2 / -0.6 / 0.4 / (0.6) / 1.5 / 1.5 / -0.6 / 1.0 / (1.3)
Germany / 0.6 / 0.3 / 1.3 / -0.5 / (-0.5) / 2.4 / 1.7 / 2.6 / 1.7 / (1.7)
Estonia / 0.5 / 0.1 / -0.9 / -0.8 / (-0.9) / 5.5 / 3.8 / 0.8 / -1.0 / (-1.4)
Ireland / 0.0 / 0.1 / -0.3 / -0.5 / : / 3.9 / 5.6 / -1.4 / -0.7 / :
Greece / 0.9 / 0.7 / 1.1 / 0.8 / (0.8) / 3.9 / 3.6 / 3.6 / 3.5 / (3.5)
Spain / 0.6 / 0.6 / 0.3 / 0.1 / (0.1) / 3.6 / 3.3 / 2.6 / 1.8 / (1.8)
France / 0.7 / 0.4 / 0.4 / -0.3 / (-0.3) / 2.4 / 2.2 / 2.1 / 1.1 / (1.1)
Italy / 0.1 / -0.4 / 0.5 / -0.3 / (-0.3) / 1.6 / 0.1 / 0.3 / -0.1 / (0.0)
Cyprus / 1.1 / 1.0 / 1.0 / 0.8 / (0.7) / 4.6 / 4.4 / 4.1 / 3.9 / (3.9)
Latvia** / 1.5 / 0.2 / -0.5 / -0.5 / (-0.5) / 10.9 / 8.1 / 3.3 / 0.1 / (0.2)
Lithuania / 2.7 / 1.8 / -0.4 / 1.0 / (0.9) / 10.1 / 9.2 / 6.9 / 5.2 / (5.5)
Luxembourg / -0.5 / 1.9 / 1.3 / : / : / 3.4 / 3.5 / 2.5 / : / :
Hungary / 0.3 / 0.2 / 0.6 / 0.6 / (0.6) / 1.0 / 0.7 / 1.2 / 1.7 / (1.8)
Malta / 1.1 / 0.8 / 0.7 / 0.7 / : / 4.0 / 3.7 / 3.3 / 3.3 / :
Netherlands** / 1.1 / 1.3 / 0.4 / 0.1 / (0.0) / 4.0 / 4.1 / 3.3 / 3.0 / (2.8)
Austria / 0.6 / 0.7 / 0.6 / 0.4 / (0.4) / 2.9 / 2.7 / 2.5 / 2.2 / (2.3)
Poland / 1.4 / 1.8 / 1.4 / 1.5 / (1.5) / 6.3 / 6.6 / 6.2 / 6.1 / (6.1)
Portugal / 0.0 / 0.6 / -0.2 / 0.3 / (0.4) / 1.8 / 1.9 / 0.9 / 0.7 / (0.9)
Romania** / : / : / : / : / : / 5.7 / 6.6 / 8.2 / 9.3 / (9.3)
Slovenia / 1.5 / 0.6 / 2.0 / 0.9 / : / 6.3 / 4.9 / 5.6 / 5.1 / :
Slovakia** / 2.2 / 2.0 / 1.7 / 1.9 / (1.9) / 9.4 / 14.3 / 8.7 / 7.6 / (7.6)
Finland / 0.4 / 0.9 / 0.3 / 0.8 / : / 4.3 / 4.2 / 2.7 / 2.4 / :
Sweden / 0.4 / 0.5 / 0.1 / 0.0 / (0.0) / 2.6 / 2.4 / 1.8 / 0.9 / (1.0)
United Kingdom / 0.8 / 0.5 / 0.3 / 0.0 / (0.0) / 3.3 / 2.9 / 2.3 / 1.5 / (1.4)
EFTA Countries
Iceland / 1.5 / -0.1 / -1.4 / 4.9 / : / 6.4 / 6.4 / 3.2 / 4.9 / :
Norway / 1.6 / 1.0 / 0.0 / 0.6 / (0.6) / 3.8 / 4.7 / 3.2 / 3.3 / (3.3)
Switzerland / 0.7 / 1.0 / 0.3 / 0.4 / (0.4) / 3.1 / 3.7 / 3.0 / 2.4 / (2.3)
Main economic partners
United States / 1.2 / 0.0 / 0.2 / 0.7 / (0.8) / 2.8 / 2.3 / 2.5 / 2.1 / (2.2)
Japan / 0.2 / 0.6 / 0.7 / -0.7 / (-0.6) / 1.8 / 1.4 / 1.2 / 0.8 / (1.0)
: Data not available.
* See News Release 124/2008 of 3 September 2008.
** Percentage change compared to the same quarter of the previous year: non-seasonally adjusted.
1. The euro area (EA15) includes Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia and Finland.
The EU27 includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).
2. NPISH (Non-profit institutions serving households) included.
Summary quality information:
European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). Estimates for the EA15 and EU27 are based on Member States’ data as available, covering 99% of EA15 GDP (99% of EU27 GDP). Coverage for the components of GDP may be smaller. These data are seasonally adjusted according to national adjustment procedures. They are also corrected for working days for Belgium, Germany, Estonia, Spain, France, Italy, Cyprus, Lithuania, Hungary, Malta, the Netherlands, Austria, Poland, Slovenia, Finland, Sweden and the United Kingdom. Seasonally adjusted European aggregates are calculated from seasonally adjusted Member States’ data (indirect seasonal adjustment).
The EA15 and EU27 growth rates published today constitute the second estimation for the second quarter 2008. The first estimation was published in the News Release 124/2008 of 3 September 2008. This was based on a more limited data set than the one used for the present News Release and, additionally, on first estimates for some Member States, which have now been revised. The published growth rate of GDP for the second quarter 2008 compared to the previous quarter, which had been estimated at -0.2% in the EA15 and at -0.1% in the EU27, remains unchanged for the euro area and is revised upward to 0.0% for the EU27. Compared to the second quarter 2007, GDP growth that had been estimated at +1.4% in the EA15 and +1.6% in the EU27, remains unchanged for the euro area and is revised upward to +1.7% for the EU27.
With this second regular estimate, previously published EA15 and EU27 figures are subject to revision for all variables and all quarters. The next release of quarterly GDP on 14 November 2008 will give a flash estimate for growth in 2008Q3. Figures presented in this release may be revised again with the following first regular estimate for 2008Q3, scheduled for 4 December 2008. A full release calendar is available on the Eurostat website (Release Calendar).
Further data on the income breakdown of GDP, in particular compensation of employees by industry and gross operating surplus, on national income and saving and on employment are available on Eurostat’s website (“Data”/“Economy and Finance”/“National Accounts”). Also there, additional general information on European Quarterly National Accounts is given in the metadata files linked to the data tables.
Issued by:
Eurostat Press Office
Tim ALLEN
Tel: +352-4301-33 444
Eurostat news releases on the Internet:
http://ec.europa.eu/eurostat
For further information on data:
Ingo KUHNERT
Tomas DUCHON
Jukka JALAVA
Tel: +352-4301-35 234
+352-4301-32 383
+352-4301-38 435
t/t-1 / GDP VOLUME VARIATION OVER THE PREVIOUS QUARTER – SEASONALLY ADJUSTED
GDP / Household & NPISH final consumption expenditure / Government final consumption expenditure / Gross Fixed Capital Formation / Change in Inventories (1) / Exports / Imports
2007 / 2008 / 2007 / 2008 / 2007 / 2008 / 2007 / 2008 / 2007 / 2008 / 2007 / 2008 / 2007 / 2008
Q3 / Q4 / Q1 / Q2 / Q3 / Q4 / Q1 / Q2 / Q3 / Q4 / Q1 / Q2 / Q3 / Q4 / Q1 / Q2 / Q3 / Q4 / Q1 / Q2 / Q3 / Q4 / Q1 / Q2 / Q3 / Q4 / Q1 / Q2
EA15 / 0.6 / 0.4 / 0.7 / -0.2 / 0.2 / 0.1 / 0.0 / -0.1 / 0.1 / 0.1 / 0.1 / 0.1 / 0.2 / 0.2 / 0.3 / -0.2 / 0.2 / -0.3 / 0.3 / 0.0 / 0.7 / 0.1 / 0.7 / -0.1 / -0.9 / 0.2 / -0.7 / 0.2
EU27 / 0.7 / 0.4 / 0.6 / 0.0 / 0.3 / 0.2 / 0.1 / 0.0 / 0.1 / 0.1 / 0.1 / 0.1 / 0.2 / 0.3 / 0.2 / -0.2 / 0.3 / -0.5 / 0.2 / 0.0 / 0.7 / 0.3 / 0.7 / -0.1 / -1.1 / 0.1 / -0.7 / 0.2
T8 / CONTRIBUTIONS OF EXPENDITURE COMPONENTS TO VARIATION IN GDP
t/t-4 / GDP VOLUME VARIATION OVER THE SAME QUARTER OF THE PREVIOUS YEAR – SEASONALLY ADJUSTED
EA15 / 2.6 / 2.1 / 2.1 / 1.4 / 1.0 / 0.7 / 0.7 / 0.2 / 0.5 / 0.4 / 0.3 / 0.3 / 0.8 / 0.7 / 0.8 / 0.5 / -0.1 / 0.2 / -0.1 / 0.1 / 2.9 / 1.6 / 2.2 / 1.5 / -2.5 / -1.6 / -1.8 / -1.3
EU27 / 2.9 / 2.5 / 2.3 / 1.7 / 1.4 / 1.1 / 1.0 / 0.6 / 0.5 / 0.4 / 0.3 / 0.4 / 1.0 / 0.8 / 0.7 / 0.5 / 0.1 / 0.2 / -0.1 / 0.1 / 2.7 / 1.8 / 2.2 / 1.6 / -2.8 / -1.9 / -1.9 / -1.4
(1) Change in inventories includes acquisitions less disposals of valuables.